Dreaming of a bull market every day? Fine, here’s one for you—bought at the top. Does that satisfy your fantasy? But real bull markets aren’t that easy to come by. Have retail investors really been wiped out? Is an interest rate cut even likely? Have all the long positions been liquidated? Have the bears surrendered? Has the bottom seen sufficient turnover of holdings? Has enough time passed in the cycle? When the market is gripped by intense FOMO, who dares to warn that the risks far outweigh the rewards? They’ll think you’re coming after their family with a knife— determined to squeeze every last penny out of the market. The fundamental logic behind market rises and falls—over decades, even centuries—never changes. That logic is human greed. After pumping prices up, the big players sweep up retail investors at the peak of FOMO.